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Millionaires in America: All 50 States Ranked

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It might not make you Daddy Warbucks anymore, but a million dollars still is a pretty exclusive level of wealth.

Only 5.8% of the country, or about 7.2 million households, qualify as actual millionaires. To reach that bar, you must have investable assets of $1 million or more, excluding the value of real estate, employer-sponsored retirement plans and business partnerships.

When imagining where America’s millionaires live, most people probably think of California and New York. But although those states have their fair share of millionaires in terms of raw numbers, they don’t have the highest concentrations of rich households. It turns out there are numerous states with higher percentages of well-off households than New York or California, several of which probably will surprise you. And don't forget that between living costs and taxes, a million dollars goes much further in some states than others.

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Here’s a look at the millionaire ratings for all 50 states (and the District of Columbia), based on the percentage of millionaire households in each. Just for good measure, we’re also providing the richest residents of each state, as well as important tax and cost-of-living information.

SEE ALSO: 45 Smart Financial Moves You Can Make in an Hour or Less

Estimates of millionaire households provided by Phoenix Marketing International, a firm that tracks the affluent market. Investable assets include education/custodial accounts, individually owned retirement accounts, stocks, options, bonds, mutual funds, managed accounts, hedge funds, structured products, ETFs, cash accounts, annuities and cash value life insurance policies. Data on household incomes and home values are from the U.S. Census Bureau. Living costs are based on the Council for Community and Economic Research's Cost of Living Index. Tax information is as of 2017.

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